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Stock calls : 3-Mar-2009

Nifty extended losses to close with a big gap down on account of selling pressure. With the concerns of deteriorating economic conditions which led stocks to extend fall by more than 3%. Weak Asian cues along with lower European markets also fueled the negative sentiments. In our domestic market, approval of RPL’s merger with RIL by with the swap ratio of 16:1, by the board of directors of RIL and RPL, failed to bring any relief. Meanwhile, significant selling by FIIs also dragged the market lower. Fresh short building seen in Nifty future, ICICI Bank, TISCO, Infosys, Rel Cap, DLF and Educomp. M&M became the only bull stock in Nifty today.

Resistance from EMAs now come at 2738 (5 DMA) 2763 (5 WMA) and 2794 (20 DMA). Immediate support for Nifty now at 2656 and at 2570 level. Any close below 2655 level can confirm major down move by Nifty.

NIFTY FUTURE 26 MARCH SIGNALS

Signal	Signal Price	Stop Loss	Target-1	Target-2	Target-3
Buy	2656	2640	2670	2695	2720
Short Sell	2626	2654	2620	2595	2570

DIVISLAB

Action	Trigger Price	Stop Loss	Target-1	Target-2
BUY ABOVE	860	850	867	885
SELL BELOW	840	853	835	820

RPL

Action	Trigger Price	Stop Loss	Target-1	Target-2
BUY ABOVE	76.5	74	79	82
SELL BELOW	73	75	71	69

ORBIT CORP

Action	Trigger Price	Stop Loss	Target-1	Target-2
BUY ABOVE	48	46	52	59
SELL BELOW	44	46	41	35

RELINFRA

Action	Trigger Price	Stop Loss	Target-1	Target-2
BUY ABOVE	460	455	470	480
SELL BELOW	444	455	436	425

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Tags: daily market report, day trading calls, intraday stock calls, nifty signals